Diamond Hill Capital Management LLC Investment Advisor Buys Shares of 1,294,155 SBA Communications Corporation $SBAC

Diamond Hill Capital Management LLC Investment Advisor purchased a new position in shares of SBA Communications Corporation (NASDAQ:SBAC) in the second quarter, HoldingsChannel.com reports. The fund purchased 1,294,155 shares of the technology company’s stock, valued at approximately $228,367,000. SBA Communications comprises 1.8% of Diamond Hill Capital Management LLC Investment Advisor’s holdings, making the stock its 13th largest position.

Several other large investors have also made changes to their positions in the company. Dodge & Cox increased its stake in SBA Communications by 24.1% in the fourth quarter. Dodge & Cox now owns 11,996,134 shares of the technology company’s stock valued at $2,320,412,000 after acquiring an additional 2,328,837 shares during the last quarter. Norges Bank bought a new stake in SBA Communications during the fourth quarter worth $302,774,000. Arrowstreet Capital Limited Partnership lifted its stake in SBA Communications by 256.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,092,612 shares of the technology company’s stock worth $211,344,000 after purchasing an additional 785,850 shares during the last quarter. Millennium Management LLC lifted its stake in SBA Communications by 171.8% during the fourth quarter. Millennium Management LLC now owns 811,543 shares of the technology company’s stock worth $156,977,000 after purchasing an additional 513,002 shares during the last quarter. Finally, SG Americas Securities LLC boosted its holdings in shares of SBA Communications by 170.6% in the 1st quarter. SG Americas Securities LLC now owns 469,911 shares of the technology company’s stock valued at $80,876,000 after purchasing an additional 296,231 shares in the last quarter. Institutional investors and hedge funds own 97.35% of the company’s stock.

SBA Communications Stock Performance

NASDAQ SBAC opened at $185.20 on Monday. The firm has a market capitalization of $19.65 billion, a PE ratio of 19.96, a price-to-earnings-growth ratio of 1.85 and a beta of 0.99. The business’s 50-day moving average price is $185.46 and its two-hundred day moving average price is $194.30. SBA Communications Corporation has a 12 month low of $162.41 and a 12 month high of $225.33.

SBA Communications (NASDAQ:SBAC) last issued its quarterly earnings data on Monday, August 3rd. The technology company reported $1.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.85 by $0.02. The company had revenue of $715.27 million during the quarter, compared to the consensus estimate of $706.01 million. SBA Communications had a negative return on equity of 20.67% and a net margin of 34.51%.The firm’s revenue was up 2.3% compared to the same quarter last year. During the same period last year, the company earned $3.17 earnings per share. As a group, analysts forecast that SBA Communications Corporation will post 11.41 earnings per share for the current fiscal year.

SBA Communications Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 17th. Shareholders of record on Thursday, August 20th will be issued a dividend of $1.25 per share. The ex-dividend date is Thursday, August 20th. This represents a $5.00 annualized dividend and a yield of 2.7%. SBA Communications’s dividend payout ratio (DPR) is presently 53.88%.

Analysts Set New Price Targets

SBAC has been the topic of several recent analyst reports. Wolfe Research upgraded SBA Communications from a “hold” rating to an “outperform” rating in a research note on Tuesday, August 4th. Weiss Ratings restated a “hold (c)” rating on shares of SBA Communications in a research report on Monday, July 20th. JPMorgan Chase & Co. reduced their price objective on SBA Communications from $230.00 to $220.00 and set a “neutral” rating on the stock in a research note on Tuesday, August 4th. The Goldman Sachs Group began coverage on SBA Communications in a research report on Friday, June 26th. They issued a “neutral” rating and a $205.00 target price on the stock. Finally, Truist Financial lowered their target price on SBA Communications from $248.00 to $238.00 and set a “buy” rating for the company in a research note on Wednesday, August 5th. Eight equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $228.12.

SBA Communications Profile

SBA Communications Corporation (NASDAQ: SBAC) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.